Business

Wells Fargo slashes 700 jobs in PH

Wells Fargo is cutting 700 jobs at its Manila office and moving some of its workers to India as part of a plan to focus on locations with a larger technology employee presence.

By Eileen Mencias

Wells Fargo is cutting 700 jobs at its Manila office and moving some of its workers to India as part of a plan to focus on locations with a larger technology employee presence.

Wells Fargo public affairs communications leader Peter Gilchrist said only the technology business is affected and that its other lines of business operating from Manila will not be affected.

A small technology team will remain on site in Manila to provide support to its business in the Philippines,” Gilchrist, said.

“The Philippines continues to be a strategic location for Wells Fargo, and its employees provide critical services for our customers and stakeholders,” Gilchrist said.

Wells Fargo technology employees in Manila will be provided help in finding new positions within Wells Fargo or other companies and those who do not get placed will be given separation benefits.

“We are providing a significant notice period and extensive support to all impacted employees,” Gilchrist said.

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